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Mar 31, 2023
Las Vegas Sands Q1 2023 Earnings Report
Las Vegas Sands experienced a robust recovery in travel and tourism spending across its markets, with strong performances in both Macao and Singapore.
Key Takeaways
Las Vegas Sands Corp. reported strong first-quarter 2023 results, driven by a robust recovery in travel and tourism spending in Macao and Singapore. Net revenue was $2.12 billion, compared to $943 million in the prior year quarter. Operating income was $378 million, compared to an operating loss of $302 million in the prior year quarter. Net income from continuing operations was $145 million, compared to a net loss of $478 million in the prior year. Consolidated adjusted property EBITDA was $792 million, compared to $110 million in the prior year quarter.
A robust recovery in travel and tourism spending is now underway in both Macao and Singapore.
At Marina Bay Sands, Adjusted Property EBITDA Reached $394 million, with Mass Gaming Revenue reaching an All-Time Property Record $549 million.
In Macao, Adjusted Property EBITDA Reached $398 million, with the Macao Property Portfolio Mass Gaming Revenue Reaching $1 billion for the First Time Since 2019.
Market-Leading Investments in Macao and Singapore Position the Company for Strong Growth as the Recovery in Travel and Tourism Spending Progresses
Las Vegas Sands
Las Vegas Sands
Las Vegas Sands Revenue by Segment
Las Vegas Sands Revenue by Geographic Location
Revenue by Segment
Casino Revenue
CapyFin.comRooms Revenue
CapyFin.comFood & Beverage Revenue
CapyFin.comMall Revenue
CapyFin.comConvention & Other Revenue
CapyFin.comThe Venetian Macao Revenue
CapyFin.comThe Londoner Macao Revenue
CapyFin.comThe Parisian Macao Revenue
CapyFin.comThe Plaza & Four Seasons Revenue
CapyFin.comSands Macao Revenue
CapyFin.comMacao Ferry & Other Revenue
CapyFin.comRevenue by Geographic Location
Marina Bay Sands Revenue
CapyFin.com Forward Guidance
The company is enthusiastic about welcoming more guests back to its properties throughout 2023 and in the years ahead. The company remains energized by the opportunity to introduce its new suite product to more customers as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.
Positive Outlook
- Ongoing recovery at Marina Bay Sands with outstanding performance in mass gaming and tenant sales.
- Opportunity to introduce new suite product to more customers as airlift capacity improves.
- Acceleration of recovery in all gaming and non-gaming segments in Macao.
- Opportunity to continue investments to enhance Macao’s tourism appeal.
- Commitment to investments in team members, communities, and Integrated Resort property portfolio.
Challenges Ahead
- Travel restrictions and reduced visitation continued to impact financial performance during the quarter.
- Interest expense increased due to borrowings under the SCL Credit Facility.
- Income tax expense increased due to increased profitability of Singapore operations.
- Fluctuations in currency exchange rates and interest rates.
- Uncertainty about the pace of recovery of travel and tourism in Asia from the impacts of the COVID-19 pandemic
Revenue & Expenses
Visualization of income flow from segment revenue to net income